CalAtlantic Group Inc. (CAA) Downgraded to “Sell” at Zacks Investment Research
CalAtlantic Group Inc. (NYSE:CAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “CalAtlantic Group, Inc. operates as a homebuilder. The company offers crafted homes. It also provides mortgage financing services to its homebuyers; and title examination services. Calatlantic Group Inc., formerly known as Standard Pacific Corp., is headquartered in Irvine, California. “
A number of other analysts also recently issued reports on CAA. Credit Suisse Group AG restated a “buy” rating on shares of CalAtlantic Group in a report on Tuesday, July 12th. MKM Partners upgraded shares of CalAtlantic Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $38.00 to $47.00 in a report on Monday, July 11th. RBC Capital Markets assumed coverage on shares of CalAtlantic Group in a report on Tuesday, July 19th. They set a “buy” rating and a $48.00 price objective for the company. Royal Bank Of Canada assumed coverage on shares of CalAtlantic Group in a report on Tuesday, July 19th. They set an “outperform” rating and a $48.00 price objective for the company. Finally, Janney Montgomery Scott upgraded shares of CalAtlantic Group to a “neutral” rating in a report on Monday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $42.69.
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CalAtlantic Group (NYSE:CAA) traded up 0.15% during mid-day trading on Tuesday, reaching $33.25. 1,812,885 shares of the company’s stock were exchanged. CalAtlantic Group has a 52-week low of $26.97 and a 52-week high of $43.24. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 13.18 and a beta of 1.59. The company has a 50-day moving average of $34.86 and a 200-day moving average of $35.67.
CalAtlantic Group (NYSE:CAA) last announced its earnings results on Thursday, July 28th. The company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.58. The company earned $1.56 billion during the quarter, compared to the consensus estimate of $126.24 million. CalAtlantic Group had a net margin of 5.86% and a return on equity of 11.24%. The company’s quarterly revenue was up 124.4% on a year-over-year basis. Equities research analysts anticipate that CalAtlantic Group will post $3.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a $0.04 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.48%. CalAtlantic Group’s dividend payout ratio (DPR) is currently 6.40%.
In other CalAtlantic Group news, CMO Wendy L. Marlett sold 18,000 shares of CalAtlantic Group stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $34.51, for a total transaction of $621,180.00. Following the completion of the sale, the chief marketing officer now directly owns 54,396 shares in the company, valued at $1,877,205.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 37.80% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Bank of Montreal Can bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $113,000. Fifth Third Bancorp bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $166,000. LS Investment Advisors LLC raised its stake in shares of CalAtlantic Group by 63.5% in the second quarter. LS Investment Advisors LLC now owns 4,564 shares of the company’s stock valued at $168,000 after buying an additional 1,772 shares during the last quarter. Gray Financial Group GA ADV ADV bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $216,000. Finally, Tower Research Capital LLC TRC bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $220,000.
CalAtlantic Group Company Profile
CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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